Copy link
Increase text size
Decrease text size
Link copied

South Korean crypto exchange Upbit loses $49M worth of ether in security breach

Wed, 27 Nov 2019, 10:59 am UTC

South Korean cryptocurrency exchange Upbit has confirmed that it has lost 342,000 ETH (approximately $49 million) from its wallets.

In a blog post dated Nov. 27, Lee Seok-woo, CEO of Upbit operator Dunamu, said that the loss will be covered by Upbit’s assets.

“At 1:06 PM on November 27, 2019, 342,000 ETH (approximately 58 billion won) were transferred from the Upbit Ethereum Hot Wallet to an unknown wallet. Unknown wallet address is 0xa09871AEadF4994Ca12f5c0b6056BBd1d343c029,” he said (via online translation).

As a precautionary measure, the exchange has suspended deposits and withdrawals and estimated these services to resume in “at least two weeks.”

CoinDesk reported that over $100 million worth of multiple cryptocurrencies have been sent out from the exchange today. However, Upbit said that apart from the aforementioned ETH transaction, the bulk of other transactions involved moving cryptos from hot wallets to cold wallets to prevent further breach.

Citing data from Whale Alert, the news portal said that $1.51 million-worth of tron (TRX) and $3.5 million in BitTorrent (BTT) were also sent to unknown blockchain addresses from around 5:00 UTC. This was followed by transactions involving $8.7 million-worth of stellar (XLM), $1.08 million in OmiseGo (OMG), $22 million in EOS, and $3.4 million in status (SNT), which were transacted from Upbit’s wallets to those of Bittrex.

Update: In a tweet, crypto analyst Joseph Young said, "The "hacker" timed when UPbit was making crypto transfers to its cold wallet (other alts like TRON, etc.) Hence, I think the probability of it being an inside job is higher than external breach. No details are certain for now."

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,421.97 (-2.84%)
  • Ethereum (ETH) $163.16 (-2.99%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $325.37 (-5.66%)
  • Bitcoin SV (BSV) $260.63 (-14.69%)
  • Bitcoin (BTC) $8,421.97 (-2.84%)
Jan 23, 2020 (Thursday)
13:26
Amun lists inverse bitcoin ETP on SIX Swiss Exchange
12:32
World Economic Forum creates framework to help central banks design and deploy CBDC
11:52
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:52
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:24
Four Belgian banks including BNP Paribas, ING to share corporate KYC data using blockchain
10:34
Crypto Technicals: XRP/USD dives over 4%, more weakness on break below 21-EMA support (0.2231)
10:34
Dubai's government-owned utility company and Siemens organize blockchain lectures and seminars
10:18
SportsCastr to reward viewers with own cryptocurrency 'FanChain'
09:48
Hacker Noon deploys first blockchain feature after leaving Medium
09:10
Hyperledger launches community group to leverage blockchain to meet climate goals
08:32
Crypto Technicals: ETH/USD extends weakness below 200H MA, eyes 110-EMA support at 159.52
07:41
Deloitte sees Facebook's Libra as “bold new proposition” to create global financial infrastructure
07:06
Square receives U.S. patent for cryptocurrency payment network
07:00
Crypto Market - Asian Session Wrap - 23rd January 2020
06:50
Kik technical advisor to appear for deposition in ongoing Kin ICO case with SEC
05:40
Grayscale continues to support ethereum classic developers
05:40
Crypto Technicals: BTC/USD turns bearish near-term, eyes 21-EMA support at 8318
05:01
Central banks of Hong Kong and Thailand complete DLT trial for cross-border funds transfer
Jan 22, 2020 (Wednesday)
13:12
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:12
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft